Savings Account Deposit Rates
Annual Percentage Yield (APY)
Minimum Balance to Open
Minimum Balance to Earn the APY
Also available as an IRA product. Rules for IRA Accounts apply.
Amount of Time Interest Rate In Effect: Variable
Interest Compounded: Continuously
Interest Credited: Monthly
The Following Information Applies to Passbook, Statement Savings and Clipper Ship Savings Accounts:
I. Variable Rate Accounts:
Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account daily. For our current rate information, call your branch on any business day, or our automated phone line at 888-767-0046.
II. Minimum Daily Balance to Earn Annual Percentage Yield:
You must maintain the minimum balance shown above in your account each day to earn the annual percentage yield disclosed.
III. Accrual of Interest on Noncash Items:
Interest begins to accrue on the business day you deposit noncash items, (for example, checks).
IV. Balance Computation Method:
We use the daily balance method to calculate interest on your account. This applies a daily periodic rate to the principal in your account each day.
V. Transaction Limitations:
Passbook and Clippership Passbook Accounts: No preauthorized transfers are permitted from this account.
Statement and Clippership Statement Accounts: Please refer to the Deposit Account Contract.
VI. Essex Savings Bank is a Member FDIC, Equal Housing Lender